本书目录如下：

Preface xiii
1 Introduction 1
1.1 Dynamic General Equilibrium versus Traditional Macroeconomics 1
1.2 Traditional Macroeconomics 3
1.3 Dynamic General Equilibrium Macroeconomics 4
1.4 This Book 7
2 The Centralized Economy 12
2.1 Introduction 12
2.2 The Basic Dynamic General Equilibrium Closed Economy 12
2.3 Golden Rule Solution 14
2.3.1 The Steady State 14
2.3.2 The Dynamics of the Golden Rule 16
2.4 Optimal Solution 17
2.4.1 Derivation of the Fundamental Euler Equation 17
2.4.2 Interpretation of the Euler Equation 19
2.4.3 Intertemporal Production Possibility Frontier 20
2.4.4 Graphical Representation of the Solution 20
2.4.5 Static Equilibrium Solution 21
2.4.6 Dynamics of the Optimal Solution 23
2.4.7 Algebraic Analysis of the Saddlepath Dynamics 25
2.5 Real-Business-Cycle Dynamics 27
2.5.1 The Business Cycle 27
2.5.2 Permanent Technology Shocks 28
2.5.3 Temporary Technology Shocks 29
2.5.4 The Stability and Dynamics of the Golden Rule Revisited 29
2.6 Labor in the Basic Model 30
2.7 Investment 32
2.7.1 q-Theory 33
2.7.2 Time to Build 36
2.8 Conclusions 37
3 Economic Growth 39
3.1 Introduction 39
3.2 Modeling Economic Growth 40
3.3 The Solow–Swan Model of Growth 41
3.3.1 Theory 41
3.3.2 Growth and Economic Development 44
vi Contents
3.3.3 Balanced Growth 44
3.4 The Theory of Optimal Growth 45
3.4.1 Theory 45
3.4.2 Additional Remarks on Optimal Growth 49
3.5 Endogenous Growth 50
3.5.1 The AK Model of Endogenous Growth 51
3.5.2 The Human Capital Model of Endogenous Growth 51
3.6 Conclusions 53
4 The Decentralized Economy 54
4.1 Introduction 54
4.2 Consumption 55
4.2.1 The Consumption Decision 55
4.2.2 The Intertemporal Budget Constraint 56
4.2.3 Interpreting the Euler Equation 57
4.2.4 The Consumption Function 59
4.2.5 Permanent and Temporary Shocks 61
4.3 Savings 64
4.4 Life-Cycle Theory 65
4.4.1 Implications of Life-Cycle Theory 65
4.4.2 Model of Perpetual Youth 67
4.5 Nondurable and Durable Consumption 68
4.6 Labor Supply 70
4.7 Firms 73
4.7.1 Labor Demand without Adjustment Costs 73
4.7.2 Labor Demand with Adjustment Costs 75
4.8 General Equilibrium in a Decentralized Economy 77
4.8.1 Consolidating the Household and Firm Budget Constraints 77
4.8.2 The Labor Market 79
4.8.3 The Goods Market 80
4.9 Comparison with the Centralized Model 81
4.10 Conclusions 83
5 Government: Expenditures and Public Finances 84
5.1 Introduction 84
5.2 The Government Budget Constraint 86
5.2.1 The Nominal Government Budget Constraint 86
5.2.2 The Real Government Budget Constraint 88
5.2.3 An Alternative Representation of the GBC 88
5.3 Financing Government Expenditures 89
5.3.1 Tax Finance 89
5.3.2 Bond Finance 91
5.3.3 Intertemporal Fiscal Policy 93
5.3.4 The Ricardian Equivalence Theorem 94
5.4 The Sustainability of the Fiscal Stance 96
5.4.1 Case 1: [(1 + π)(1 + γ)]/(1 + R) > 1 (Stable Case) 98
5.4.2 Implications 99
5.4.3 Case 2: 0 < [(1 + π)(1 + γ)]/(1 + R) < 1 (Unstable Case) 100
5.4.4 Implications 101
5.4.5 The Optimal Level of Debt 103
5.5 The Stability and Growth Pact 103
5.6 The Fiscal Theory of the Price Level 105
5.7 Optimizing Public Finances 106
Contents vii
5.7.1 Optimal Government Expenditures 107
5.7.2 Optimal Tax Rates 109
5.8 Conclusions 120
6 Fiscal Policy: Further Issues 121
6.1 Introduction 121
6.2 Time-Consistent and Time-Inconsistent Fiscal Policy 121
6.2.1 Lump-Sum Taxation 123
6.2.2 Taxes on Labor and Capital 126
6.2.3 Conclusions 131
6.3 The Overlapping-Generations Model 131
6.3.1 Introduction 131
6.3.2 The Basic Overlapping-Generations Model 132
6.3.3 Short-Run Dynamics and Long-Run Equilibrium 136
6.3.4 Comparison with the Representative-Agent Model 137
6.3.5 Fiscal Policy in the OLG Model: Pensions 138
6.3.6 Conclusions 143
7 The Open Economy 145
7.1 Introduction 145
7.2 The Optimal Solution for the Open Economy 146
7.2.1 The Open Economy’s Resource Constraint 146
7.2.2 The Optimal Solution 149
7.2.3 Interpretation of the Solution 150
7.2.4 Long-Run Equilibrium 152
7.2.5 Shocks to the Current Account 153
7.3 Traded and Nontraded Goods 155
7.3.1 The Long-Run Solution 159
7.4 The Terms of Trade and the Real Exchange Rate 160
7.4.1 The Law of One Price 161
7.4.2 Purchasing Power Parity 161
7.4.3 Some Stylized Facts about the Terms of Trade and
the Real Exchange Rate 162
7.5 Imperfect Substitutability of Tradeables 163
7.5.1 Pricing-to-Market, Local Currency Pricing, and
Producer Currency Pricing 163
7.5.2 Imperfect Substitutability of Tradeables and Nontradeables 164
7.6 Current-Account Sustainability 168
7.6.1 Balance of Payments Sustainability 168
7.6.2 The Intertemporal Approach to the Current Account 174
7.7 Conclusions 175
8 The Monetary Economy 177
8.1 Introduction 177
8.2 A Brief History of Money and Its Role 177
8.3 Nominal Household Budget Constraint 180
8.4 The Cash-in-Advance Model of Money Demand 182
8.5 Money in the Utility Function 184
8.6 Money as an Intermediate Good or the Shopping-Time Model 187
8.7 Transactions Costs 189
8.8 Cash and Credit Purchases 191
8.8.1 CIA 191
8.8.2 MIU 192
viii Contents
8.9 Some Empirical Evidence 194
8.10 Hyperinflation and Cagan’s Money-Demand Model 196
8.11 The Optimal Rate of Inflation 198
8.11.1 The Friedman Rule 198
8.11.2 General Equilibrium Solution 199
8.12 The Super-Neutrality of Money 203
8.13 Conclusions 205
9 Imperfectly Flexible Prices 207
9.1 Introduction 207
9.2 Some Stylized “Facts” about Prices and Wages 208
9.3 Price Setting under Imperfect Competition 210
9.3.1 Theory of Pricing in Imperfect Competition 211
9.3.2 Price Determination in the Macroeconomy with
Imperfect Competition 213
9.3.3 Pricing with Intermediate Goods 217
9.3.4 Pricing in the Open Economy: Local and Producer
Currency Pricing 220
9.4 Price Stickiness 221
9.4.1 Taylor Model of Overlapping Contracts 222
9.4.2 The Calvo Model of Staggered Price Adjustment 223
9.4.3 Optimal Dynamic Adjustment 225
9.4.4 Price Level Dynamics 226
9.5 The New Keynesian Phillips Curve 228
9.5.1 The New Keynesian Phillips Curve in an Open Economy 231
9.6 Conclusions 232
10 Asset Pricing and Macroeconomics 234
10.1 Introduction 234
10.2 Expected Utility and Risk 235
10.2.1 Risk Aversion 235
10.2.2 Risk Premium 236
10.3 No-Arbitrage and Market Efficiency 237
10.3.1 Arbitrage and No-Arbitrage 237
10.3.2 Market Efficiency 237
10.4 Asset Pricing and Contingent Claims 238
10.4.1 A Contingent Claim 239
10.4.2 The Price of an Asset 239
10.4.3 The Stochastic Discount-Factor Approach to Asset Pricing 239
10.4.4 Asset Returns 240
10.4.5 Risk-Free Return 240
10.4.6 The No-Arbitrage Relation 240
10.4.7 Risk-Neutral Valuation 241
10.5 General Equilibrium Asset Pricing 242
10.5.1 Using Contingent-Claims Analysis 243
10.5.2 Asset Pricing Using the Consumption-Based Capital
Asset-Pricing Model (C-CAPM) 244
10.6 Asset Allocation 251
10.6.1 The Capital Asset-Pricing Model (CAPM) 254
10.7 Consumption under Uncertainty 255
10.8 Complete Markets 256
10.8.1 Risk Sharing and Complete Markets 257
10.8.2 Market Incompleteness 260
Contents ix
10.9 Conclusions 260
11 Financial Markets 262
11.1 Introduction 262
11.2 The Stock Market 263
11.2.1 The Present-Value Model 263
11.2.2 The General Equilibrium Model of Stock Prices 266
11.2.3 Conclusions 269
11.3 The Bond Market 269
11.3.1 The Term Structure of Interest Rates 270
11.3.2 The Term Premium 276
11.3.3 Estimating Future Inflation from the Yield Curve 282
11.3.4 Conclusions 283
11.4 The FOREX Market 284
11.4.1 Uncovered and Covered Interest Parity 284
11.4.2 The General Equilibrium Model of FOREX 294
11.4.3 Conclusions 296
11.5 Conclusions 298
12 Nominal Exchange Rates 299
12.1 Introduction 299
12.2 International Monetary Arrangements 1873–2007 301
12.2.1 The Gold Standard System: 1873–1937 302
12.2.2 The Bretton Woods System: 1945–71 303
12.2.3 Floating Exchange Rates: 1973–2007 304
12.3 The Keynesian IS–LM–BP Model of the Exchange Rate 308
12.3.1 The IS–LM Model 309
12.3.2 The BP Equation 313
12.3.3 Fixed Exchange Rates: The Monetary Approach to
the Balance of Payments 316
12.3.4 Exchange-Rate Determination with Imperfect Capital
Substitutability 317
12.4 UIP and Exchange-Rate Determination 319
12.5 The Mundell–Fleming Model of the Exchange Rate 321
12.5.1 Theory 321
12.5.2 Monetary Policy 322
12.5.3 Fiscal Policy 323
12.6 The Monetary Model of the Exchange Rate 324
12.6.1 Theory 324
12.6.2 Monetary Policy 325
12.6.3 Fiscal Policy 328
12.7 The Dornbusch Model of the Exchange Rate 329
12.7.1 Theory 329
12.7.2 Monetary Policy 331
12.7.3 Fiscal Policy 334
12.7.4 Comparison of the Dornbusch and Monetary Models 334
12.8 The Monetary Model with Sticky Prices 336
12.9 The Obstfeld–Rogoff Redux Model 339
12.9.1 The Basic Redux Model with Flexible Prices 339
12.9.2 Log-Linear Approximation 344
12.9.3 The Small-Economy Version of the Redux Model
with Sticky Prices 347
12.10 Conclusions 349
x Contents
13 Monetary Policy 352
13.1 Introduction 352
13.2 Inflation and the Fisher Equation 357
13.3 The Keynesian Model of Inflation 359
13.3.1 Theory 359
13.3.2 Empirical Evidence 362
13.4 The New Keynesian Model of Inflation 362
13.4.1 Theory 362
13.4.2 The Effectiveness of Inflation Targeting in the New
Keynesian Model 369
13.4.3 Inflation Targeting with a Flexible Exchange Rate 373
13.5 Optimal Inflation Targeting 375
13.5.1 Social Welfare and the Inflation Objective Function 376
13.5.2 Optimal Inflation Policy under Discretion 378
13.5.3 Optimal Inflation Policy under Commitment to a Rule 382
13.5.4 Intertemporal Optimization and Time-Consistent
Inflation Targeting 384
13.5.5 Central Bank versus Public Preferences 386
13.6 Optimal Monetary Policy using the New Keynesian Model 388
13.6.1 Using Discretion 388
13.6.2 Rules-Based Policy 390
13.7 Monetary Policy in the Euro Area 391
13.7.1 New Keynesian Model of the Euro Area 393
13.7.2 Model 393
13.7.3 Optimal Monetary Policy 394
13.7.4 Competitiveness and Absorbtion 396
13.7.5 Is There Another Solution? 397
13.8 Conclusions 397
14 Real Business Cycles, DGE Models, and Economic Fluctuations 400
14.1 Introduction 400
14.2 The Methodology of RBC Analysis 401
14.2.1 Steady-State Solution 404
14.2.2 Short-Run Dynamics 404
14.3 Empirical Evidence on the RBC Model 409
14.3.1 The Basic RBC Model 410
14.3.2 Extensions to the Basic RBC Model 412
14.3.3 The Open-Economy RBC Model 414
14.4 DGE Models of the Monetary Economy 419
14.4.1 The Smets–Wouters Model 419
14.4.2 Empirical Results 423
14.5 Conclusions 426
15 Mathematical Appendix 427
15.1 Introduction 427
15.2 Dynamic Optimization 427
15.3 The Method of Lagrange Multipliers 429
15.3.1 Equality Constraints 429
15.3.2 Inequality Constraints 434
15.4 Continuous-Time Optimization 435
15.4.1 Calculus of Variations 436
15.4.2 The Maximum Principle 437
15.5 Dynamic Programming 437
Contents xi
15.6 Stochastic Dynamic Optimization 441
15.7 Time Consistency and Time Inconsistency 443
15.8 The Linear Rational-Expectations Models 445
15.8.1 Rational Expectations 446
15.8.2 The First-Order Nonstochastic Equation 447
15.8.3 Whiteman’s Solution Method for Linear Rational
Expectations Models 449
15.8.4 Systems of Rational-Expectations Equations 456
References 461